Altcoins News
By James Thorp
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Binance Coin (BNB) has shown impressive relative strength, outperforming many other cryptocurrencies during recent market downturns.
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BNB’s price action has largely been contained within the $690 to $730 range in recent weeks.
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However, the $730 resistance level has been a challenging hurdle for BNB. Multiple attempts to break through this price point in the past quarter have been unsuccessful.
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That said, the current price action indicates that BNB could be in a position to finally breach the $730 level if buying pressure continues to build.
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Despite the bullish potential, there are risks associated with approaching this critical resistance.
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The increasing dominance of stablecoins on Binance could also play a role in BNB’s price direction.
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In summary, BNB is at a critical price point. The cryptocurrency has demonstrated strength by holding important support levels, and a double-bottom pattern is potentially forming.
The Currency Analytics
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